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MCI Vonehealth . MCI Onehealth Reports Second Quarter 2021 Financial Results August 16 , 2021 NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES • Quarterly revenue of $ 11.2 million up 53 % over the same period last year , driven by the recovery of publicly insured health services and continued strong performance from corporate health customers • Demand from corporate customers continues to grow , with revenues from corporate customers up more than 80 % to $ 1.87 million over the same quarter last year and nearly 500 corporate customers on board at the end of the second quarter • The company continues to focus on accretive acquisitions , investments in strategic partners and forming commercial partnerships to leverage advanced technology to improve healthcare services , including $ 12.6 million acquisition of Khure Health Inc. • Addition of seasoned Chief Innovation Officer to lead the company's innovation , research and development unit lays the groundwork for expansion of the company's inhouse technology initiatives and commercial partnerships ● Adjusted EBITDA for the quarter was negative $ 691,000 TORONTO , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) MCI Onehealth Technologies Inc. ( " MCI " or the " Company " ) ( TSX : DRDR ) , a clinician - led healthcare technology company focused on increasing access to and quality of healthcare , today released its financial results for the three months ended June 30 , 2021. A summary of MCI's financial and operational highlights for the quarter are set out below , and more detailed information is contained in the financial statements and related management discussion and analysis , which are available on MCI's SEDAR page at www.sedar.com . -- " We are continuing to ramp up our growth engine coming out of our IPO earlier this year , having completed a number of exciting investments and acquisitions in the second quarter of 2021 , " said Dr. Alexander Dobranowski , CEO of MCI . " We continue to pursue strong accretive acquisitions and innovative partnerships that leverage cutting - edge technology to improve access , quality and cost of healthcare services , while building on organic growth through the expansion of MCI Connect and the launch of our MCI Onehealth innovation initiatives . " Second Quarter 2021 Financial Highlights Significant financial highlights for MCI during the second quarter of 2021 included : • Revenue Growth Quarter - over - Quarter : Revenue for the second quarter of 2021 increased 53 % over the same period in 2020 , driven by the ongoing recovery of publicly insured health services and robust growth from corporate health services driven by a broader array of services offered to corporate health customers . Total revenue for the three months ended June 30 , 2021 was $ 11.2 million , compared to total revenue of $ 7.3 million in Q2 2020 . • Growth from Corporate Customers : The performance of MCI's corporate health services business continued to see significant growth , with nearly 500 corporate customers on board at the end of the second quarter . Second quarter revenues from corporate health services were $ 1.87 , a 102 % increase over the same quarter last year , and a 44 % increase over the first quarter of 2021 . • Liquidity : Cash and cash equivalents were $ 19.7 million at the end of the quarter , compared to $ 2.3 million in the same quarter last year , providing the capital required to meet short- and medium - term capital requirements while continuing to pursue new strategic acquisitions and to develop and implement the Company's data - driven healthcare initiatives . • Adjusted EBITDA : Adjusted EBITDA for the quarter was negative $ 691,000 , down $ 1.9 million as compared to the same period last year . • Net Losses : Net losses for the quarter were $ 2.8 million , a difference of negative $ 3.3 million from the same quarter in the previous year . Losses were driven primarily by physician fees ( up $ 2.5 million over the same quarter last year ) , increased salary , wage and benefits expenses ( up $ 2.0 million over the same quarter last year ) , corporate expenses ( up $ 0.8 million over the same quarter last year ) and expenses relating to share based compensation granted to key employees ( up $ 1.4 million over the same quarter last year ) as the company expands its team to match the pace of its aggressive growth strategy and continues to adjust to increased compliance and administrative costs following its IPO earlier this year .